The litecoin price is currently hovering at around $1.80 following a heavy drop in price. As we’ve seen, it’s pretty hard for digital currencies to compete with their big brother, bitcoin. Bitcoin gets to be the big quarterback on the football team and score all those winning touchdowns while the others just get benched. Bitcoin is first chair in the school band and gets to play all those sexy solos while the rest only get to chime in with the chorus. It’s not necessarily fair, but it does seem to be how the world of cryptocurrency rolls.
It has been suggested that the price of bitcoin can also affect the price of litecoin and related digital currencies. Indeed, that may be true. Bitcoin has been experiencing a heavy price drop in recent weeks, so it’s probably no secret why the prices of other currencies have been experiencing the same issues.
What is particularly interesting about litecoin is that it has been described as nearly identical to bitcoin. If that’s true, however, why is its price so much lower than that of bitcoin? It seems to me that something that’s “nearly identical” to a currency that is now sitting at around $220 should probably hold a similar price.
It’s likely because despite the resemblances, litecoin is simply too new and has stepped into a still-developing, fluctuating market to really make a name for itself. It’s the second-largest cryptocurrency after bitcoin and reached a $1 billion market cap in 2013, but its integration only occurred at the end of 2011. As it has only been around for about three years in comparison to bitcoin’s five or six, more time may simply be needed.
And, of course, the verdict on the bitcointalk forum is split down the middle. Some feel the price is set to reach over $500 within the next two years, while others predict a dreary and dismal future.
What do you guys think? Is litecoin destined to become as large as bitcoin, or will it remain on the sidelines? Post your thoughts below.
Images from Litecoin.